According to the U.S. Bureau of Labor Statistics (BLS), 20% of businesses fail in the first year, 45% in the first 5 years, 65% in the first 10, and 75% in the first 15. Clearly, opening a retail store is a challenging feat. And growing your retail business is even...
As a retail business owner, there are certain features you look for when choosing the point of sale software that will be used to run your store. Inventory management, CRM, loyalty programs, accounting integration, transaction processing, and gift cards are all...
Managing inventory can be a high-stakes balancing act—especially for small businesses trying to stay lean without missing sales opportunities. The consignment inventory model allows retailers to stock products without paying for them upfront, while suppliers retain...
Starting a product-based business might have you wondering: Should I go wholesale or retail? The answer lies in who you’re selling to and in what quantity. In this guide, we’ll explain the nuances of each model, the key differences between them, and how to...
Retail accounting is how you assign cost and value to the merchandise sitting on your shelves. Get the method wrong and your margins, your tax bill, and your reorder decisions all inherit the error. Four methods cover nearly every store: FIFO, LIFO, weighted average...
